Terms and Conditions
For HDFC Bank RTGS Transactions
HDFC Bank shall endeavor to provide to the Customer,
the HDFC Bank RTGS Facility (as defined hereinafter)
subject to the terms and conditions herein specified.
Definitions :
(A) In these Terms and Conditions the following words
and phrases have the meanings set opposite them unless
the context indicates otherwise :
"Account(s)" refers to the Customer's bank account(s)
maintained with HDFC Bank, to be used for operations
through RTGS, as specified in the RTGS Funds Transfer
Instruction.
"Business Day" for the concerned branch of HDFC Bank
shall mean a day other than: (i) weekly offs, and any
public holiday (ii) a day on which the concerned branch
of HDFC Bank is closed and cannot conduct regular banking
business for / with its customers (iii) a day on which
RBI does not provide RTGS, or (iv) a day on which normal
business cannot be transacted due to storms, floods,
bandhs, strikes etc. or any circumstances beyond the
control of HDFC Bank.
"Customer" means the applicant / remitter
availing of RTGS.
"HDFC Bank" means HDFC Bank Limited, a company
incorporated under the Companies Act, 1956 and carrying
on banking business under the Banking Regulation Act,
1949 and having its registered office at HDFC Bank House,
Senapati Bapat Marg, Lower Parel(W), Mumbai –
400 013 (which expression shall, unless it be repugnant
to the subject or context thereof, include its successors
and assigns).
"HDFC Bank RTGS Facility" means the access
to / use of RTGS offered by HDFC Bank to Customers.
"RBI" means the Reserve Bank of India .
"Regulations" shall have the meaning given to that term
in clause 2 of these Terms and Conditions and shall
include RTGS (Membership) Business Operating Guidelines,
2004 and RTGS (Membership) Regulations, 2004.
"RTGS" means the Real Time Gross Settlement System of
RBI.
"RTGS (Membership) Business Operating Guidelines, 2004"
shall mean the Real Time Gross Settlement System Business
Operating Guidelines, 2004 issued by RBI, as may be
amended or modified from time to time.
"RTGS (Membership) Regulations, 2004" shall mean the
Real Time Gross Settlement System (Membership) Regulations,
2004 issued by RBI, as may be amended or modified from
time to time.
"RTGS Funds Transfer Instruction "means an unconditional
instruction issued by the Customer in writing to HDFC
Bank, in form, manner and substance as HDFC Bank may
prescribe or require, to effect a funds transfer for
a certain sum of money expressed in Indian rupees, to
the designated account of a designated beneficiary in
India with a scheduled bank, that shall be effected
by debiting the Account of the Customer.
(B) Words or expressions used in these Terms and Conditions,
but not specifically defined herein shall have the respective
meanings assigned to them by HDFC Bank or RBI from time
to time.
Applicability of Terms:
The Terms and Conditions shall be in addition
to and not in derogation of the regulations, circulars,
orders, notifications, press releases, instructions
issued by RBI from time to time, including the RTGS
(Membership) Business Operating Guidelines, 2004 and
the RTGS (Membership) Regulations, 2004, (hereinafter
collectively referred to as the "Regulations") and any
practices and / or policies followed by HDFC Bank from
time to time (hereinafter referred to as the "HDFC Practices").
The Customer hereby acknowledges that the Customer has
read and understood the Regulations and is aware of
HDFC Practices and / or shall make himself aware of
the HDFC Practices and agrees that the rights and obligations
provided therein and in these Terms and Conditions in
so far as it relates to the Customer shall be binding
on him / it with regard to every RTGS Funds Transfer
Instruction issued by him / it.
The Customer understands and agrees that availing the
HDFC Bank RTGS Facility shall not be construed as creating
any contractual or other rights with or against RBI
or any other participant in the RTGS other than HDFC
Bank.
HDFC Bank shall have no obligations to any person including
any beneficiary (or any person claiming under or through
such beneficiary) other than the Customer, for the execution
of any RTGS Funds Transfer Instruction. All obligations
of HDFC Bank to the Customer in relation to any RTGS
Funds Transfer Instruction shall cease upon the execution
of the RTGS Funds Transfer Instruction.
Not withstanding anything contained herein, all terms
and conditions stipulated by HDFC Bank in connection
with the Accounts shall continue to apply.
Rights and Obligations of the Customer :
(i) The Customer shall be entitled, subject
to the Regulations and the terms and conditions herein
or as may be modified from time to time, to issue RTGS
Funds Transfer Instruction for execution by HDFC Bank.
(ii). The Customer shall be responsible for the accuracy
of the particulars given in the RTGS Funds Transfer
Instruction and shall be liable and responsible for
any loss or damage arising on account of any error in
the RTGS Funds Transfer Instruction.
(v) The Customer agrees that the RTGS Funds Transfer
Instruction shall become irrevocable when such instructions
have been executed and / or are in the RTGS for execution,
and the revocation of such instruction is not possible.
(vi) (a) Subject to the provision of sub clause (b)
below, the Customer agrees that HDFC Bank shall be liable
to the Customer, only in the event of any error in the
execution of the instructions pursuant to a RTGS Funds
Transfer Instruction arising on account of gross negligence
or willful misconduct of HDFC Bank. In such an event,
HDFC Bank's liability shall be limited to the refund
of the excess amounts (if any) erroneously paid or reversal
of the transaction if possible and practical, so to
do and / or refund of any fees and / or charges which
have been paid to HDFC Bank in relation to the RTGS
Funds Transfer Instruction erroneously executed. In
the event of a RTGS Funds Transfer Instruction not having
been fully effected (i.e. there being a deficiency or
shortfall in the amount to be actually remitted / transferred)
HDFC Bank's obligation and liability shall be limited
to remitting / transferring such deficient amounts or
amounts in shortfall, upon the same being brought to
its notice and subject to availability of funds in the
Account.
(b)The Customer shall forthwith report to HDFC Bank
any discrepancy in the execution of a RTGS Funds Transfer
Instruction by HDFC Bank. The Customer agrees that,
in any event, he / it shall not be entitled to dispute
the correctness of the execution of the RTGS Funds Transfer
Instruction or the amount debited to his Account, after
five Business Days from the date of the RTGS Funds Transfer
Instruction.
(viii) HDFC Bank shall have the sole discretion to decide
on the cut-off time for transmitting the settlement
instructions. RTGS Funds Transfer Instruction received
after cut-off time will be completed on the next Business
Day. Such cut – off time shall be notified to
the Customers on Timings section of the website.
(ix) The Customer agrees that he is aware that there
is a risk of non-payment to the beneficiary on the day
of the transaction. The same may be for any reason whatsoever,
including a holiday at the beneficiary's branch. HDFC
Bank or RBI or any other participant in the RTGS shall
not be liable, in any manner whatsoever, to the Customer
for any such delay.
Rights and obligations of HDFC Bank
(i) Subject to Section 2, HDFC Bank shall endeavor
to duly execute a RTGS Funds Transfer Instruction issued
and authorised by the Customer, except when :
(a) the funds available in the Account are not adequate
or funds are not properly applicable / available to
comply with the RTGS Funds Transfer Instruction and
/ or the payment of any fees and / or charges as applicable
and the Customer has not made any other arrangement
to meet its payment obligations in relation to the RTGS
Funds Transfer Instruction and / or the any fees and
/ or charges as applicable.
(b) the RTGS Funds Transfer Instruction is attached
with notice of any special condition.
(c) In the event the RTGS Funds Transfer Instruction
is issued to carry out an unlawful transaction.
(e) the RTGS Funds Transfer Instruction cannot be executed
in the RTGS.
(d) the RTGS Funds Transfer Instruction is received
by HDFC Bank on a day other than Business Day.
(ii) An acknowledgement of receipt of a RTGS Funds Transfer
Instruction shall not be construed as binding HDFC Bank
to execute the same, other than in terms of these Terms
and Conditions and the right reserved by HDFC Bank to
reject or refuse the carrying on of any RTGS Funds Transfer
Instruction. The Customer agrees that no prior or written
intimation or notice of such refusal or rejection needs
to be provided by HDFC Bank.
Fees and / or Charges
HDFC Bank may levy fees and / or charges for
use of HDFC Bank RTGS Facility which will be notified
by HDFC Bank to the customer from time to time. Any
change in the fees and / or charges will be notified
to the Customer by hosting the same on the website.
The charges as above shall be in addition to any charges
which RBI may levy on any given transaction.
Instructions
The Customer is responsible for the accuracy
and authenticity of the instructions provided to HDFC
Bank and the same shall be considered to be sufficient
to operate the HDFC Bank RTGS Facility. HDFC Bank shall
not be required to independently verify the instructions
or authority of the Authorized Officials of the customer.
HDFC Bank has no liability if it does not or
is unable to stop or prevent the implementation of any
instruction revoked by the Customer. Where HDFC Bank
considers the instructions to be inconsistent or contradictory,
it may at its discretion either (i) seek clarification
from the Customer before acting on any instruction of
the Customer, or (ii) act upon any such instruction
as it thinks fit.
HDFC Bank may refuse to comply with the instructions
without assigning any reason whatsoever. HDFC Bank shall
not be under any duty to assess the prudence or otherwise
of any instruction. HDFC Bank has the right to suspend
the operations through the HDFC Bank RTGS Facility if
it believes that the Customer's instructions will lead
to or expose HDFC Bank to direct or indirect loss or
may require an indemnity from the Customer in such form,
substance and manner as it deems fit before continuing
to operate the HDFC Bank RTGS Facility. All instructions
issued by the Customer or its Authorized Officials,
are the sole responsibility of the Customer.
Disclaimer of Liability
HDFC Bank does not hold out any warranty and makes no
representation about the quality of the HDFC Bank RTGS
Facility. The Customer agrees and acknowledges that
HDFC Bank shall not be liable and shall in no way be
held responsible for any damages whatsoever, whether
such damages are direct, indirect, incidental or consequential
and irrespective of whether any claim is based on loss
of revenue, interruption of business, transaction carried
out by the Customer and processed by HDFC Bank, information
provided or disclosed by HDFC Bank regarding Customer's
Accounts or any loss of any character or nature whatsoever,
and whether sustained by the Customer or by any other
person.
HDFC Bank shall endeavor to execute and process the
transactions as proposed to be made by the Customer
promptly but shall not be responsible for any non-response
or delay in responding due to any reason whatsoever,
including due to failure of operational systems or any
requirement of law.
Neither HDFC Bank nor its subsidiaries or affiliates
shall be liable for any unauthorized persons accessing
the records and / or Accounts / information through
the use of HDFC Bank RTGS Facility and the Customer
hereby fully indemnifies and holds HDFC Bank and its
subsidiaries and affiliates harmless against any action,
suit, proceeding initiated against it or any loss, cost
or damage incurred by it as a result thereof. HDFC Bank
shall under no circumstance, be held liable to the Customer
if the HDFC Bank RTGS Facility is not available in the
desired manner for reasons including but not limited
to natural calamities, legal restraints, faults in the
telecommunication network or network failure, or any
other reason beyond the control of HDFC Bank.
Indemnity :
The Customer agrees, at its own expense, to
indemnify, defend and hold harmless HDFC Bank, its subsidiaries
and affiliates, and any of their directors and employees,
representatives and / or agents against any claim, suit,
action or other proceeding brought against them by a
third party, to the extent that such claim, suit, action
of other proceeding brought against such person is based
on or arises in connection with any action of the Customer,
including but not limited to:
(i) a violation of the Terms and Conditions by the Customer;
(ii) any use of the HDFC Bank RTGS Facility by the Customer;
(iii) any misrepresentation or breach of representation
or warranty made by the Customer contained herein;
(iv) any breach of any covenant or obligation to be
performed by the Customer hereunder;
The Customer hereby agrees that under all circumstances,
HDFC Bank's aggregate liability for claims relating
to the HDFC Bank RTGS Facility, whether for breach or
in tort shall be limited to the transaction charges
/ fees or consideration paid by the client within the
previous twelve (12) months for the service, excluding
any amount paid towards transactions.
Termination :
The Customer also agrees and understands that RBI may
terminate, modify, assign the provisions of the HDFC
Bank RTGS Facility and the Customer shall abide by the
same.